Tamara secures $150m from Goldman Sachs to propel growth Saudi-based buy-now, pay-later startup Tamara has signed a $150 million funding facility with investment bank Goldman Sachs to fund its growth plan. The loan, known as a ‘receivables warehouse facility’, will take the startup’s total funding in equity and debt to $366 million since its launch in September 2020. The funding will accelerate demand for […] March 17, 2023
Majid Al Futtaim announces 105 job cuts Majid Al Futtaim is cutting 105 jobs from its 46,000-strong workforce after reporting a 2% drop in profit for 2022. The cuts will be at the holding level and in divisions including its leisure and entertainment operations, according to a report from Reuters. A statement from the retail and property conglomerate on Thursday said the […] March 16, 2023
Retail GMG opens Egypt HQ with plans for 1,000 new jobs GMG, which manages more than 120 retail brands across the Middle East, North Africa and Asia, has announced plans to increase its Egyptian workforce 10-fold over the next four years. The retailer, headquartered in Dubai, said it has opened a dedicated office in Cairo to support plans to create more than 1,000 new jobs in […] March 13, 2023
Manufacturing 5G set to boost smartphone market value in the region Shipments of 5G smartphones to the Middle East and Africa region grew 47 percent last year, according to the latest industry data from Counterpoint Research Market Monitor. The MEA region made up an 18 percent share of the overall shipments. While globally 5G smartphone prices are dropping as a result of the availability of more […] March 9, 2023
Retail MAF unveils plan to open more malls in Egypt, Saudi and UAE Retail and property conglomerate Majid Al Futtaim has unveiled plans to expand in the GCC and North Africa as consumer confidence rises. The Dubai-based company said it wanted “further expansion in high growth potential markets such as Saudi Arabia and Egypt, as well as in its home market, the UAE, amid a resurgence in consumer […] March 6, 2023
Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
Retail British supermarkets confront their German discounting rivals Britain’s big supermarkets say they have never been more competitive on price, yet their customers are still flocking to German-owned discount stores Aldi and Lidl. And the discounters’ supermarket sweep still has a long way to run, industry executives say, with Aldi UK CEO Giles Hurley pledging Britain’s lowest prices “no matter what”. That is […] February 23, 2023
Retail Omanis buy into Gulf shopping mall culture Middle East mall operator Majid Al Futtaim this month added over 260 international and local outlets to the retail landscape of Oman. The opening of the OR288 million ($749 million) Mall of Oman in Muscat is a sign of the Gulf state’s ongoing switch from standalone units to shopping malls. It is Majid Al Futtaim’s […] February 22, 2023
Retail UAE companies join ranking of elite brands UAE businesses including Adnoc, Dubai Duty Free and RAK Hospital have been recognised by the organisation that ranks elite brands around the world. Superbrands UAE welcomed its latest cohort of 29 brands, which also included Al Rostamani Group, Aster DM Healthcare, Hamriyah Free Zone Authority, Nando’s and Tabasco. The chosen few were selected from thousands […] February 17, 2023
Retail Dubai businesses continue discounting to stay competitive Dubai retailers have continued to cut prices in a bid to remain competitive and clear inventory, according to industry experts. Demand has held strong, and costs have now stabilised, with supply chain issues easing. This month’s S&P Global Dubai Purchasing Managers’ Index (PMI), showed non-oil business activity in the emirate hit its post-pandemic peak five […] February 14, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Retail Dubai’s GMG buys supermarket and mall operator Aswaaq GMG, which manages more than 120 retail brands across the Middle East, North Africa and Asia, has announced a major expansion through the acquisition of the retailer Aswaaq. The Dubai-headquartered conglomerate bought Aswaaq from the Investment Corporation of Dubai, the principal investment arm of Dubai’s government. The deal adds a total of 11 community malls […] February 7, 2023
Retail Chinese retailers offer up to 10% discount on high-end iPhones Third party retailers in China are offering discounts of as much as 10 percent on Apple Inc’s iPhone 14 Pro amid sluggish demand for smartphones. Electronics vendors JD.Com Inc and Suning are currently selling the iPhone 14 Pro basic model for 7,199 yuan ($1,062), checks of JD.com’s app and Suning’s website showed. That is 800 […] February 6, 2023
Retail Where the mall meets the metaverse “We’re working on a number of initiatives that start to blur the boundaries between Web3, the metaverse, and how that is implemented in a physical space.” This is not how retail bosses used to talk a few years ago – but the digital habits that shoppers developed during the pandemic are here to stay, so […] January 31, 2023
Retail Cenomi rolls out Subway sandwich chain in Saudi Arabia Saudi Arabia-based Cenomi Retail has announced plans to sell 26 of its “non-strategic” brands, as it refocuses on what it classes as “coveted, winning brands” such as Subway. In a posting to the Saudi Tadawul exchange Cenomi Retail – the new rebranded name for Fawaz Abdulaziz Alhokair Company – said the brands affected are expected […] January 30, 2023
Retail Indians buy homemade jewellery for less in Dubai Indians are travelling to Dubai to purchase jewellery made in their home country as it costs less in the emirates. Import duties, previously at 5 percent, were waived for jewellery exported from India to the UAE under the Comprehensive Economic Partnership Agreement (Cepa) signed between the two nations last year. “The prices are better,” said […] January 26, 2023
Analysis Retail Diamonds (from a lab) are the Gulf’s best friend Basma Chaieri began her business after watching the season two finale of Netflix’s hit series Explained. The November 2019 episode, which explored the growing popularity of lab-grown diamonds, prompted the Dubai resident to quit her travel job and enrol in gemology school to study the trade. “I thought why would anyone buy a real diamond […] January 20, 2023
Analysis Retail E-commerce delivers the goods for region’s retailers A Dubai free zone has set up an e-commerce platform to help drive growth in the Mena market, as new data reveals 91 percent of regional consumers bought products online in the past year. One in five shoppers said they purchased more online in the past 12 months compared to the year before, with fashion […] January 20, 2023
Retail Dubai Mall shoppers up 20% on pre-Covid levels, says Alabbar Visitor numbers at the Dubai Mall are a fifth higher than they were before the coronavirus pandemic, said Mohamed Alabbar, founder and chairman of Emaar Properties, the developer of both the Dubai Mall and Burj Khalifa. Alabbar said economic recovery from the pandemic is not only complete, but has exceeded 2019 figures. Footfall at the […] January 17, 2023
EXCLUSIVE Retail Saudi Arabia’s bid to be the next global fashion powerhouse It will not be long before Saudi Arabia produces a global fashion powerhouse brand to rival Louis Vuitton and Chanel, according to the man tasked with fulfilling the kingdom’s catwalk ambitions. “I have no doubt about that, the sky is the limit,” Burak Cakmak, CEO of the Saudi Fashion Commission told AGBI as designers from […] January 15, 2023
Retail Dubai conglomerate Majid Al Futtaim replaces CEO Bejjani Alain Bejjani has been replaced at the helm of Dubai-based retail and property conglomerate Majid Al Futtaim (MAF). The Lebanese business executive had been CEO of the company since 2015. During his eight year tenure in charge, Bejjaini led the digital transformation of the company and spearheaded its drive towards sustainability. MAF also completed major […] January 14, 2023
Retail Dubai customs law will ‘level playing field’ for local retailers Dubai’s decision to lower the tax threshold for goods imported from overseas has been hailed by local retailers. Industry insiders see it as a positive step to protect businesses from global ecommerce giants and say it is already having a positive effect. Under Dubai Customs Notice No. 5 of 2022, which was announced in June […] January 13, 2023
